FinCEN's National AML/CFT Priorities: Emerging Risks and Evolving Responses

The passage of the Anti-Money Laundering Act of 2020 greatly advanced the anti-money laundering/combating the financing of terrorism (AML/CFT) regime in the United States. On June 30, the six-month anniversary of the act’s implementation, US Treasury’s Financial Crimes Enforcement Network (FinCEN) released its first-ever National AML/CFT Priorities.

FinCEN laid out eight categories that signal its priorities for the next four years:

• Corruption
• Cybercrime and virtual currencies
• Foreign and domestic terrorist financing
• Fraud
• Transnational criminal organization activity
• Drug trafficking organization activity
• Human trafficking and human smuggling
• Proliferation financing

Learn key takeaways and recommended steps to incorporate into a risk-based Bank Secrecy Act/AML compliance program.